UK aims to be Africa’s partner of choice for trade and investment

The UK is strengthening its economic partnerships with African nations, as part of a Government drive to ensure the continent’s growing demand for investment is met by the UK’s expertise and innovation.

Programmes from the Department for International Development (DFID) and the Department for International Trade (DIT) will boost clean energy supplies, digital networks, and jobs and business opportunities for women, as well as improving trade infrastructure.

£6.5 billion of commercial deals have already been signed by British companies to deliver jobs, growth and investment across the UK and Africa, with deals worth billions more expected to be made during the course of the day. They are expected to mobilise billions of pounds in private sector investment for Africa, marking a new era of trade between the UK and Africa.

Africa has 8 of the world’s 15 fastest growing economies and there is a huge demand on the continent for clean, sustainable and innovative investment. As home to some of the world’s most enterprising technologies and the financial centre of the world in the City of London, the UK is perfectly placed to meet that demand and be the continent’s investment partner of choice.

The £6.5 deals include:

• A £25 million investment by Matalan in Egypt to launch 11 new shopping outlets.
• GSK, who are investing a further £5 million in their operations in Egypt.
• Diageo’s £167 million investment in Kenya and East Africa to support sustainability of breweries.

To date, the UK has signed trade agreements with 11 African countries, covering 43% of the UK’s total trade with Africa and legislated for a trade preferences scheme with a further 35 African countries, with the ambition to build and deepen existing agreements in the future.

Original source: DFID
Published on 20 January 2019